Following the Supreme Court's second Halliburton decision, defendants in securities class actions have begun to offer evidence at the class certification stage of a lack of price effect arising from the alleged misrepresentations. In the five-district court cases decided thus far, no defendant has successfully rebutted the presumption of reliance with such evidence. The authors analyze the cases, addressing evidentiary issues surrounding the burden of proof, price increase versus price impact, and the relation of price impact to loss causation.